Union Government Reaffirms Free Universal Access for Daily UPI Transactions
Clarifications were released to address public concerns regarding proposed amendments to Section 10A of the Payment and Settlement Systems Act, 2007.
Person-to-Person (P2P) transfers as well as regular daily usage will not incur any processing charges.
If a Merchant Discount Rate (MDR) is introduced in the future, it will be confined to specific high-value merchant categories at minimal rates.
Exam Perspective: Understanding digital payment structures and MDR policies is key for banking awareness assessments.
Key Facts / Static GK
NPCI Launch Year for UPI: 2016
MDR Definition: Merchant Discount Rate charged to merchants for processing debit/credit/digital transactions
Q Practice Quiz — 10 August 2026
1. Up to which date has the Central Government extended the tenure of Enforcement Directorate (ED) Director Rahul Navin?
Explanation: The Central Government has extended the tenure of ED Director Rahul Navin by one year up to 31 July 2027, or until further orders.
2. Which specific section of the Payment and Settlement Systems Act, 2007 is proposed to be amended under the Taxation and Other Laws (Amendment) Bill, 2026?
Explanation: The Taxation and Other Laws (Amendment) Bill, 2026 proposes to amend Section 10A of the Payment and Settlement Systems Act, 2007, prompting government clarifications on UPI fee structures.
3. What is the monthly pension amount announced in West Bengal for individuals recognized as 'Loktantra Senani' who were jailed during the Emergency?
Explanation: The state announced a monthly pension of Rs 10,000 for 325 individuals imprisoned during the 1975-1977 Emergency, designating them as 'Loktantra Senani'.
4. Which police force was recently awarded the prestigious President's Colour by Union Home Minister Amit Shah?
Explanation: Union Home Minister Amit Shah presented the President's Colour to the Puducherry Police for their exemplary service in maintaining internal security.
5. Which country received the first-ever commercial sea shipment of GI-tagged Mithila Makhana facilitated by APEDA?
Explanation: APEDA facilitated the first commercial sea export of GI-tagged Mithila Makhana, sourced from Bihar's Darbhanga district, to Australia.
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